Stanbic IBTC Bank has introduced a new cross-border payment platform that allows Nigerian businesses to initiate international transactions in naira and settle payments directly in Chinese yuan.
The development is expected to simplify trade payments between Nigeria and China by reducing the number of intermediaries involved in international transactions and improving settlement efficiency.
The platform, known as the Cross-border Interbank Payment System (CIPS), connects Stanbic IBTC’s Nigerian customers to China’s renminbi payment infrastructure through its parent company, Standard Bank Group.
Standard Bank Group is a direct participant in the Chinese payment system, enabling Stanbic IBTC to provide the service to eligible Nigerian businesses.
The platform was unveiled in Lagos on Monday, November 9, 2026, during a launch event attended by banking and financial sector representatives.
Stanbic IBTC Chief Executive Officer, Wole Adeniyi, explained that the bank’s connection to the international payment infrastructure was made possible through Standard Bank Group’s participation in the system.
He said the arrangement would strengthen commercial relationships between Nigerian businesses and their Chinese counterparts.
According to the bank, the platform is designed to make international transactions faster, more efficient and more predictable.
Head of Transaction Banking at Stanbic IBTC, Jesuseun Fatoyinbo, explained that the system provides a dedicated clearing and settlement channel for international renminbi payments.
He said transactions that could traditionally take between 48 and 72 hours through conventional payment routes could be completed within approximately 24 hours using the new platform.
The system is expected to benefit Nigerian importers, manufacturers and other companies that regularly make payments to suppliers in China.
China remains an important trading partner for Nigeria, with businesses importing different categories of goods, including electronics, machinery, industrial equipment, construction materials and consumer products.
For many Nigerian importers, international payments can be complicated by multiple currency conversions, exchange-rate fluctuations and delays involving intermediary banks.
In some cases, businesses making payments to Chinese suppliers may need to convert naira into US dollars before the funds are exchanged into yuan.
Such arrangements can increase transaction costs and expose businesses to foreign exchange risks.
The new platform provides an alternative by allowing eligible Nigerian businesses to initiate transactions in naira while payments are settled in Chinese renminbi.
This could improve payment predictability for companies that depend on regular imports from China.
The development is also significant because foreign exchange management remains an important issue for Nigerian businesses.
Importers often need to consider exchange-rate movements when calculating the cost of goods, planning inventory purchases and determining their selling prices.
A more direct payment arrangement could help reduce some of the complications associated with traditional international payment channels.
At the launch, the Central Bank of Nigeria’s Director of Trade and Exchange Department, Aderinola Shonekan, represented by Assistant Director Nnenna Ezekannagha, described the initiative as an important development in the country’s trade payment infrastructure.
She noted that Nigerian businesses had historically faced delays, multiple currency conversions and settlement risks when conducting international transactions.
The CBN also reaffirmed its commitment to supporting financial innovations that improve trade infrastructure, promote financial inclusion and maintain banking stability.
The initiative comes amid wider efforts to strengthen Nigeria’s trade and financial relationships with international partners.
For businesses, particularly small and medium-sized importers, faster payment processing could improve supply chain planning and reduce the time required to complete transactions.
However, the actual benefits will depend on transaction charges, exchange-rate arrangements, eligibility requirements and how widely businesses adopt the platform.
Companies will also need to compare the service with other available international payment channels before deciding which option best suits their operations.
Nevertheless, the launch represents an important development in Nigeria’s financial services sector and provides another option for businesses involved in trade with China.
By improving access to direct yuan settlement, Stanbic IBTC is positioning its platform as a tool for supporting cross-border commerce and strengthening financial connections between the two countries.
